The currency pair is currently trading within a triangle range. As such, the common practice would be to go long near the bottom range of the triangle, and to go short near the top. When the pair breaks out from the bottom, short the pair. Similarly when it breaks above, go long.
Go long when the pair trades at the bottom range (currently at 1.2407) of the triangle with a take profit near to the top range (TP at 1.2478). Place an SL at 1.2360.